IAIN Duncan Smith has written to Boris Johnson in a last-ditch attempt to stop Walthamstow Stadium being turned into a housing estate.

The Chingford MP has called on the Mayor of London to block a bid by housing association London & Quadrant to build 294 homes on the site in Chingford Road, Chingford.

The mayor has the final say on the controversial plan, which was approved by Waltham Forest Council earlier this month.

And the Secretary of State for Work and Pensions described the stadium as "a heritage asset of national importance".

He said Waltham Forest borough would lose the jobs and economic benefits he believes a dog track would bring.

Millionaire Bob Morton is ready to submit a rival bid to build around 90 homes and a dog track which he claims would provide 500 jobs.

An anonymous businessman is also reportedly offering £16 million for the site, which was valued at £7million by the council last year, while L&Q are believed to have paid £18million in 2008.

But L&Q has refused to meet with the unnamed businessman, amid claims that the housing association is facing a large short-term loss on the development, which will be covered by taxpayer-funded reserves.

Duncan Smith also criticised L&Q's behaviour in its campaign to have the site built.

He wrote: "L&Q have continually misled the public, MPs and the media over their plans for the site.

"There are numerous examples of their disingenuous behaviour, such as accusing [Walthamstow MP] Stella Creasy and I in December 2010 of attempting to coerce them [into selling the site], an allegation which they subsequently withdrew and apologised for."

Mr Johnson has himself said publicly that he favoured a return of dog racing to the site.

He also said last month he was "more and more concerned" about the viability of L&Q's proposal.

The mayor was expected to make a decision on the development last week, but his office said they were still waiting for documents from the council.

An L&Q spokeman said: “We are aware that there are a wide range of views about these proposals, and that the plans are now subject to the Mayor of London’s approval.

"We welcome the fact that everyone has the right to submit their contributions to this decision-making process.

“Our proposals offer a mix of 50 houses and 244 apartments providing high quality and much-needed homes for people on a range of incomes.

"They would bring £50m worth of investment into the borough, as well as £3.8 million in section 106 contributions which will be used to improve local leisure, health and transport facilities.

"They would preserve the heritage of this iconic and historic site for the long term. In addition our plans would create new opportunities, including up to 250 jobs and additional provision for local apprenticeships.”

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